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How Much EMI Do You Have to Pay for a Rs 1 Crore Home Loan?

April 02, 2024
How Much EMI Do You Have to Pay for a Rs 1 Crore Home Loan?

Knowing the Equated Monthly Installment or EMI for an INR 1 crore home loan is crucial for planning your finances and ensuring that your dream home does not become a financial burden.

We bring you a comprehensive guide to help you navigate through this significant milestone. It offers insights into calculating your EMI, the factors affecting it, and tips on managing this substantial commitment. We'll also cover how to check home loan eligibility, required documentation, and the various factors that influence your loan terms.

Importance of Understanding EMI for an INR 1 Crore Home Loan

Understanding the EMI for an INR 1 crore home loan is fundamental for several reasons. It aids in financial planning by helping you assess monthly installments against your income and existing monthly obligations. This can make sure that the loan does not overly strain your budget.

Knowing your EMI in advance allows you to adjust your savings and spending, maintaining a balance between homeownership and other financial commitments. Additionally, it can also help you make informed decisions regarding loan tenure and interest rates. A loan structure that aligns with your financial goals and capacity will make the home-buying process more manageable and less stressful.

Overview of Loan Amount, Tenure, and Interest Rates

The loan amount, tenure, and interest rates are pivotal components that shape the structure of a home loan EMI. For an INR 1 crore housing loan EMI, the tenure typically goes up to 30 years, offering flexibility in repayment over a period that suits the borrower's financial situation. Interest rates, which can vary widely between lenders, directly influence the EMI amount and the total interest paid over the loan's life. These elements combined determine the overall affordability and cost of the loan. Thus, it is essential for borrowers to carefully consider each factor when planning their home purchase and ensure a decision that aligns with their financial capabilities and goals.

Eligibility Requirements for an INR 1 Crore Home Loan

  • Age: Generally, applicants must be aged between 21 to 65 years. They should be at least 21 at the time of application, and their age must not exceed 65 at the time of loan maturity.
  • Income: Minimum annual salary of INR 1,20,000 for salaried individuals. Cash salary applicants may not be accepted.
  • Credit score: Applicant should have a minimum CIBIL or credit score of 700 to apply for a home loan.

Please note that the above are only basic criteria. Several other factors such as your nature of employment and existing debts will be taken into account for determining home loan eligibility. Get more details on eligibility criteria here.

Documentation Needed for an INR 1 Crore Home Loan

  • Identity proof: Aadhaar Card, PAN Card, Passport, Voter ID.
  • Income proof: Latest salary slips, Form 16, and ITR for salaried; ITR, Profit & Loss statements for self-employed.
  • Property documents: NOC, Sale Agreement, Property Title Deed.
  • Additional documents: Account statements and any other lender-specific requirements.

Please note that this list is only indicative.

Factors Influencing Home Loan Eligibility

  • Age: Younger applicants may have longer working tenures and higher income potential, suggesting a greater capacity to repay the loan over a longer period.
  • Income: A higher income bracket improves eligibility as it indicates a stronger ability to repay.
  • Employment stability: Consistent employment, especially for salaried individuals, instills lenders with confidence about your repayment capability.
  • Credit score: A high credit score reflects a good credit history and enhances eligibility.
  • Existing liabilities: Existing loans or debts can reduce eligibility due to the higher financial burden.
  • Property value: The property's market value can affect the loan amount offered.

Benefits of EMI calculator for an INR 1 Crore Home Loan

  • Realistic overview of budgeting: An EMI calculator  lets you quickly calculate your home loan EMI. Knowing the amount in advance helps your monthly financial planning.
  • Interest insights: It breaks down the interest and principal components, showcasing the interest outlay over the loan tenure.
  • Tenure evaluation: You can assess how different tenures affect your EMI, aiding in selecting a suitable repayment period.
  • Affordability check: The calculator helps determine if the loan is affordable based on your current financial status.
  • Informed decision-making: Provides a data-driven basis for making an informed decision about the loan.

Explanation of Equated Monthly Installment (EMI)

An EMI is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both the interest and the principal each month so that over a specified number of years, the loan is paid off in full. With an EMI, by the end of the repayment schedule, the borrower has paid the principal amount and the interest on it completely. This predictable payment structure allows borrowers to budget their finances without surprises.

Must Read - What is Pre-EMI and How to Calculate It?

Components of EMI: Principal and Interest

An EMI consists of 2 main components: the principal and the interest. The principal component is the actual amount borrowed, and the interest is the cost of borrowing that principal amount, spread out over the loan tenure. In the early years of the loan tenure, the interest component constitutes a larger portion of the EMI, but as the loan matures, the principal component becomes more significant. This shift is due to the reducing balance method most lenders use, where interest calculations are based on the outstanding loan amount, which decreases as you pay off the principal.

Importance of Calculating EMI Before Taking a Loan

Calculating the EMI before taking a loan is essential for financial planning and stability. It helps you understand the monthly financial commitment, especially when you consider your existing expenses and saving goals. Thus, you can make sure that the loan repayments fit comfortably within your budget without straining your expenses. It also assists in determining the right loan amount and tenure based on your repayment capacity. By calculating the EMI, you can avoid overborrowing, which might lead to financial stress, and underborrowing, which might lead to not meeting your financial goals. Calculating EMI beforehand ultimately aids in making a well-informed decision, avoiding any future financial hurdles.

INR 1 Crore Home Loan EMIs for Different Tenures

Let us consider that you have taken an INR 1 crore loan with an interest rate of 10% per annum. We have calculated the EMIs using the SMFG Grihashakti EMI calculator for various tenures.

Loan Amount Tenure EMI Amount
INR 1 crore 5 years INR 2,12,470 
INR 1 crore 10 years INR 1,32,151
INR 1 crore 15 years INR 1,07,461
INR 1 crore 20 years INR 96,502
INR 1 crore 25 years INR 90,870
INR 1 crore 30 years INR 87,757

Please note that these are approximate values and actual EMIs may vary based on the specific terms and conditions of the loan.

Things to Keep in Mind When Applying for an INR 1 Crore Home Loan

  • Interest rates matter: Compare rates from different lenders to ensure you get the best deal. If you have an existing relationship with a lender and meet eligibility criteria, you may be able to get preferential rates.
  • Income stability: Have a stable income and job security to reassure lenders of repayment.
  • Credit health: Ensure your credit score is high to qualify for better loan terms. Consider a co-applicant with a strong credit history to strengthen your application.
  • Down payment: Be prepared to make a substantial down payment to reduce your borrowing amount.
  • Additional costs: Account for additional costs like GST, stamp duty, and processing fees.
  • Repayment flexibility: Check if the lender allows prepayment or part-payment options.
  • Loan tenure: Opt for an optimal loan tenure that balances EMI affordability with total interest outgo.

Must Read - How To Plan To Buy A House In Delhi In 2024

Dos and Don’ts for a Successful INR 1 Crore Home Loan Application


  • Assess your budget: Carefully evaluate your financial capability for such a significant loan.
  • Keep documents ready: Have all necessary documentation, including income proof and property papers, in order.
  • Consider future expenses: Anticipate future financial changes and ensure you can still afford the EMIs.
  • Read terms carefully: Understand all the terms and conditions before signing the loan agreement.


  • Overlook hidden charges: Be aware of all the fees associated with the loan.
  • Rush the process: Take the time to research and don't make hasty decisions.
  • Take on more than you can handle: Avoid borrowing more than what your financial situation can comfortably accommodate.
  • Ignore insurance: Consider getting insurance that covers home loan liabilities in case of unforeseen events.


As you conclude this planning phase, if you're seeking a trusted institution for your home financing needs, SMFG Grihashakti is here to help. We offer convenient EMI options, along with competitive interest rates that start from 10% per annum* for salaried applicants and 11% per annum* for the self-employed. Explore different repayment schedules on our EMI calculator and apply online for a quick and easy experience.

Disclaimer: *Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you wish to know more about our products and services, please contact us.

SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.)
CIN number: U65922TN2010PLC076972

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